It is not uncommon for me to meet with a customer at property and see my customer worried about the FHA appraisal and ask me if it will pass. Even when I give them my opinion they still seem skeptical.
Manny think of FHA appraisers as home inspectors because there are certain conditions of the properties that must meet some guidelines. These guidelines are put into place to protect both you the buyer and the mortgage lender. If a home will need too much immediate repair its not a good idea for the Federal Housing Administration (FHA) to insure the mortgage.
FHA appraisers are NOT home inspectors.
The person performing the appraisal of the home is not a home inspector. They look for certain things that may need immediate repair that may cause the borrower to default on their mortgage due to the high cost of these repairs. Another aspect they are looking for is defective paint surfaces pre 1978 due to lead based paint used during pre 1978.
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About the Author:
Ben Stoveken is a licensed REALTOR servicing northeast Wisconsin. For more information about real estate in Northeast Wisconsin visit BenStoveken.com
When You Should Get A Professional Appraiser
In the world of commercial real estate, not all appraisers are considered equal. It takes a certain expertise and knowledge to correctly appraise commercial property, and not just anybody is qualified. There are two types of appraisers, a fee appraiser and a staff appraiser. A fee appraiser is generally available to the public for hire, and a staff appraiser works for a specific lender or lending firm.
The appraiser that you hire for your commercial investments before you buy can have a great impact on the amount of money you spend and your chances of getting funding from a lender. Most lenders will not accept just any appraiser. So, if you get an appraisal with an appraiser that a lender does not accept, you have just wasted your time and money, and you are no closer to getting the property you want.
Let’s look at what makes a qualified appraiser, and who it is you want to hire to evaluate your potential investment.
It is common practice for a lender to appoint the appraiser that is to appraise the property in question. This practice is in place because there are dishonest buyers who work with certain appraisers that will inflate the property’s true value. This, in turn, allows the buyer to borrow more money than what a lender would normally allow, thus increasing the lender’s risk.
By:
About the Author:
In the world of commercial real estate, not all appraisers are considered equal. It takes a certain expertise and knowledge to correctly appraise commercial property, and not just anybody is qualified. There are two types of appraisers, a fee appraiser and a staff appraiser. A fee appraiser is generally available to the public for hire, and a staff appraiser works for a specific lender or lending firm.
The appraiser that you hire for your commercial investments before you buy can have a great impact on the amount of money you spend and your chances of getting funding from a lender. Most lenders will not accept just any appraiser. So, if you get an appraisal with an appraiser that a lender does not accept, you have just wasted your time and money, and you are no closer to getting the property you want.
Let’s look at what makes a qualified appraiser, and who it is you want to hire to evaluate your potential investment.
It is common practice for a lender to appoint the appraiser that is to appraise the property in question. This practice is in place because there are dishonest buyers who work with certain appraisers that will inflate the property’s true value. This, in turn, allows the buyer to borrow more money than what a lender would normally allow, thus increasing the lender’s risk.
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About the Author:
To learn about snail habitat and snail vine, visit the Snail Facts website.
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